The deal was imminent, as Steinberg suggested at the Memorial Tournament, to extend a contract that was set to expire toward the end of 2013. Terms were not disclosed.

"We're comfortable with where we ended up and the career trajectory that Tiger will be on with Nike," Steinberg said. "I'm thrilled we were able to complete this deal."

Woods' current seven-year deal was signed in 2006. He originally signed with Nike Golf when he turned pro in 1996 for a five-year deal reportedly worth $40 million.

Nike Golf was one of a few sponsors that stuck by Woods in the wake of his 2009-10 infidelity scandal.

"We are thrilled to continue our partnership with Tiger," said Cindy Davis, president of Nike Golf, in a statement to ESPN.com. "He is one of Nike's most iconic athletes and has played an integral part in Nike Golf's growth since the very beginning."

About the author

Ryan Ballengee

Ryan Ballengee is founder and editor of Golf News Net. He has been writing and broadcasting about golf for over a decade, working for NBC Sports, Golf Channel, Yahoo Sports and SB Nation. Ballengee lives in the Washington, D.C. area with his family. He used to be a good golfer.